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BP, CNPC sign shale gas production-sharing contract in China

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BP and China National Petroleum Corporation (CNPC) signed a production sharing contract (PSC) for shale gas exploration, development and production in the Neijiang-Dazu block in the Sichuan Basin, China. Witnessed by BP Group Chief Executive Bob Dudley and CNPC Chairman Wang Yilin, the contract is BP’s first shale gas PSC in China and covers an area of approximately 1,500 sq km. CNPC will be operator for this project.

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IBP: Regulatory framework must be improved to attract investment for Brazilian E&P

Speaking at the 2016 IADC International Deepwater Drilling Conference in Rio de Janeiro on 16 March, IBP Secretary General Milton Costa Filho urged widespread improvements to the E&P regulatory framework in Brazil in order to improve the country’s attractiveness for investments.

The geologic potential in Brazil’s pre-salt fields is enormous – estimated by the Industry Federation of the State of Rio de Janeiro to contain 56 billion barrels of oil equivalent. Further, Wood Mackenzie analysis shows that approximately 40% of total recoverable liquids discovered over the past decade have come from the Brazilian pre-salt.

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Helge Haldorsen: Change the business or we won’t be viable

Statoil Mexico General Director Helge Hove Haldorsen urged the industry to consider new technologies and new ways of working in order to operate efficiently at $40-$50 oil prices at the 2016 SPE/ICoTA Coiled Tubing & Well Intervention Conference in Houston on 22 March.

As the E&P industry navigates through the challenges of prolonged low oil prices, Statoil Mexico General Director Helge Hove Haldorsen is urging companies to look for efficiency gains through innovation rather than mere cost reductions. “We cannot cost-cut our way to greatness,” he said at the 2016 SPE/ICoTA Coiled Tubing & Well Intervention Conference in Houston on 22 March.

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PPSA director urges fast action to make pre-salt competitive on world stage

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As the PPSA looks to the future of pre-salt projects in Brazil, the group realizes that the long-term challenge is not simply to make pre-salt economically feasible. The challenge is to make it competitive against other sources of energy – from shales in North America to deepwater in West Africa and even to renewables. “There was a ten-fold reduction in the cost of solar power in the last 10 years, and more reductions will still come. New technologies are coming, so we are competing against all of those things,” Edson Nakagawa, PPSA Operation Director, said at the 2016 IADC International Deepwater Drilling Conference in Rio de Janeiro on 15 March.

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Lorenzatto: Down market gives Petrobras opportunity to rethink its business

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Cost reductions and investment pullbacks have become par for the course in the current low-price environment. For Petrobras, this has meant having to adjust its portfolio in order to “do more with less,” Rudimar Lorenzatto, E&P Executive Manager, said at the 2016 IADC International Deepwater Drilling Conference on 15 March in Rio de Janeiro.

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